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Unsecured Loans

 
 
 
 

Get funds without using your property as security with a homeowner unsecured loan!

We don’t offer these options ourselves, but our sister company Norwich Trust does! So, if you’re looking for fast unsecured finance, they may have the answer!

Their team can support you with your loan needs and help you find the best option they have available for your circumstances.

Get help from their experienced team by clicking the button below!

Get a quote

Got a question or want to speak directly to our specialist lender Norwich Trust?

Have a look at our FAQs

Or, call us free today for support

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The Loans Engine is a trading name of Central Loans Limited, registered in England 04205508, a credit broker authorised and regulated by the Financial Conduct Authority (FCA). We work exclusively with Norwich Trust Limited, who are a sister company of the Loans Engine offering unsecured loans and who may pay us a commission for any successful introduction.

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What is an unsecured loan?

 
 
 
 

An unsecured loan is a loan that doesn't require any assets to be offered as security. They are a popular choice for borrowers, as they can be quick to arrange and can be used for various reasons.

However, if you have any complex circumstances, such as bad credit, it may be more challenging to get accepted. Therefore, you may need to look into alternative funding options, such as secured loans

If you’re a homeowner, and need unsecured finance, our specialist lender Norwich Trust could help. They have options from £3,000 up to £20,000, with repayment terms ranging from 3 to 10 years. Their team will help you find the best deal they have available for your specific plans and circumstances.

What can unsecured loans be used for?

 
 
 
 

There are a variety of different legal plans you can fund with unsecured borrowing. Some of these plans may include:

tools unsecured loans

Home maintenance and improvements

pound unsecured loans

Debt consolidation

car unsecured loans

Car purchases

wedding bells unsecured loans

Weddings

palm trees unsecured loans

Holidays

Essentially they can be used for virtually any legal purpose, but if you require a large amount of funding unsecured loans may be limited to the amount you can borrow.

How do unsecured loans work?

 
 
 
 

You borrow money from a lender and agree to make monthly payments until the loan is repaid in full, together with any interest owed.

Interest rates can be fixed for the entire period of the loan term, so you will know exactly how much your monthly repayments will be. However, if you get a variable interest rate, your repayments may fluctuate each month.

Overall, it’s a very similar process to many other finance options, so it’s quite easy to get started.

How do you apply for an unsecured loan?

 
 
 
 

Applying for this option could not be any easier for you via Norwich Trust. All you need to do is follow our three steps below for a simple application process:

1. Click on the button below and start filling your details in the form on our partner’s website.

2. Once you’ve submitted your details one of our partner’s advisors will contact you to discuss your options.

3. After talking through your options, you then decide whether the product is right for you or not. If it is the team will get started on organising your funds for you.

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Are there any alternatives to unsecured loans?

 
 
 
 

There are some alternative finance options you can use that could help you fund your plans.

The first alternative you might want to consider is your personal savings. This can be the best option as you won’t have to borrow money from a lender or bank and therefore, won’t have to make monthly payments or incur interest on money that you would have borrowed. So if you’ve got money saved up that would sufficiently cover the cost of your plans, it may be worth thinking about this first.

You could also consider using a credit card to help you fund your plans, however you should ensure you properly research this option in order to establish whether it’s right for you.  It’s also worth researching which credit card would be best for funding your plans. One thing to remember is that if you do not repay the credit card balance in full each month, unless you’re using a 0% interest credit card, you will incur interest on the outstanding balance which can quickly increase what you have to repay.

Another alternative is a secured loan, which is a funding option that takes your home as security. By doing this it reduces the risk to lenders, which means they can be more flexible when it comes to qualifying criteria, repayment terms and loan sizes. This option may be more appropriate for people with complex circumstances who are struggling to get accepted for unsecured finance or for those who find unsecured finance does not meet their requirements.

The final option is a buy to let secured loan, whereby you use a rental property you own as security rather than a residential property. This can be particularly useful if you’re a landlord who needs to access funds, but either doesn’t have or doesn’t want to use your home as security.

All in all, there are a number of different finance options you can use instead of unsecured borrowing. It’s worth researching each type so you can assess which option may be the best for you and your plans. If you’re unsure what option is suitable for you, it could be useful for you to seek independent financial advice.

What our customers say about us

 
 
 
 
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"The Loan Engine dealt with my bridging loan, and I can honestly say that they were more proactive than me, which is saying something! I can't fault them at all - every time I rang, they knew exactly the latest position of my case, and were always helpful and polite. "
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22 Jan 2024
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17 Jan 2024
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"Excellent service from start to finish. They went the extra mile when complications arose, big shout out to Thisara. I can’t recommend them enough!"
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12 Dec 2023
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Frequently Asked Questions - Unsecured Loans

 
 
 
 
  • What is the eligibility criteria?

    To be eligible for this option with our specialist lender Norwich Trust it’s important that you fulfil some key criteria first. Their Eligibility criteria is highlighted below:

    • Aged over 21 years old before your loan begins
    • Be under the age of 71 years old when your term comes to an end
    • Must be a UK resident
    • Although the loan will not be secured against a property, we still require applicants to be a homeowner
  • Do I need a guarantor?

    No, you don’t need a guarantor. There are many unsecured loan no guarantor options available.

    If you choose to use our partner Norwich Trust, you will not be required to have a guarantor. To be accepted with our partner however you must be a homeowner, even though the loan will not be secured against your property.

  • How much can I borrow?

    Loan sizes vary between different lenders, so it’s important to research carefully to find a provider who has an option that matches your plans.

    The maximum loan size our partner Norwich Trust has available is up to £20,000. Any plans which exceed this amount may need an alternative finance option.

  • How long can I borrow for?

    Repayment terms are dependent on the lender or bank you decide to go with. Some may have shorter or longer terms available, so it’s important to assess providers carefully to find the right deal for you.

    Our partner Norwich Trust’s options range anywhere from 3 to 10 years, so there is flexibility around the type of term you could get.

  • What type of income is accepted?

    Qualifying criteria varies from lender to lender, so what is accepted with one provider may not be with another. Therefore, not every lender may accept every income type.

    Our partner Norwich Trust accepts various income types including:

    • Employed (including bonus, overtime and commission)
    • Benefits
    • Pensions
    • CIS contractors
  • What property types are accepted?

    Acceptable property types may vary depending on which provider you go with. Some of the properties our partner Norwich Trust can accept includes:

    • Help to buy
    • Right to buy
    • Buy to let
    • Consumer buy to let
    • Shared ownership
    • Homeowner no mortgage
    • Homeowner with a mortgage
  • Can I get an unsecured loan with no credit check?

    No you can’t. When you apply for any type of finance option a credit search will be performed on you. These searches are carried out to ensure that you can afford the option, to protect both you and the lender.   

    Therefore, if you have any negative marks on your credit profile you will not be able to hide it from your lender. 

  • Where can you get them?

    As with other types of loans, these options can be accessed by going to a bank, lender or a broker.

    There are lots of unsecured lenders and banks who can assist with your enquiry and help you get the funding needed to start your plans. Going directly to a lender or bank can help you save on fees, as it cuts out the need for a broker who may have extra charges for their services.

    However, if you’re uncertain on which products are right for you and have limited time to research and understand your options, it may be more suitable to seek help from a broker.

  • What happens if I miss a payment?

    Although you won’t lose your property, there are still consequences if you miss payments on an unsecured loan. First, lenders may charge you extra fees or interest if you miss any payments.

    To add to this, it is likely to be recorded on your credit file, which may make it more challenging to get accepted for future finance. 

    If you repeatedly miss payments, there can be further consequences including country court judgements and as part of the court process a charging order can be requested by the lender. This would not usually force you to sell your home, but if you attempt to remortgage or sell your property the charging order would need to be cleared as part of this process.

  • What are unsecured consolidation loans?

    Put simply, this is where you take out a loan (which does not use a property as security) to pay off any existing debts you have. By doing this, all your debts are then merged under one, single loan.

    There are some benefits to consolidating debts, which may include:

    • It can make managing your monthly finances easier
    • May reduce monthly repayments
  • Can I get an unsecured debt consolidation loan?

    Yes, you can use this option to help you consolidate lines of debt into one loan.

  • What does unsecured mean?

    All it means is that an asset (usually your home) has not been taken as security against the loan.

    It is worth noting that whilst the loan may not be secured against your property, failure to make payments could result in lenders taking formal steps to recover the loan, which may include a charging order – at which point the loan is secured against your property.

  • Secured v unsecured loan – What is the difference?

    Although they are quite similar there is one key difference between these options, which is that secured loans take a property you own as security against the loan, whereas unsecured loans do not.

    If you’re ever unsure, the biggest giveaway is in the product names.

  • Can I get a homeowner unsecured loan online?

    Yes, you absolutely can get this option online.

    Our partner Norwich Trust’s application process is fully online. Once you have submitted your application you will be able to get telephone support from their underwriters.

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